SIX Payment Services and MasterCard will jointly provide the wallet payment platform MasterPass for card issuing banks.
The digital wallet simplifies payments on the internet and offers financial institutions in Europe an advanced payment solution for digital e-commerce and m-commerce. By the end of 2014 all holders of payment cards issued by Swiss banks will be able to use MasterPass to pay for online purchases on their PCs or mobile devices such as smartphones and tablets.
Back in early 2013 MasterCard presented its most innovative payment technology to date, the MasterPass digital payment platform, at the Mobile World Congress in Barcelona. On top of this SIX developed a wallet payment platform with open interfaces for card issuing financial institutions.
With MasterPass, users no longer need to enter their address details or credit card number for each online purchase; they store them in their wallet. It doesn't matter if the card comes from MasterCard or another provider, from then on consumers can pay more easily and quickly online without having to register with each new retailer or enter card and delivery details for each transaction. MasterPass cuts online payments to just a few clicks.
Individually customisable payment platform for the European market
MasterPass functionality will be available to retailers from summer 2014. The MasterPass payment platform provided by SIX makes it easy for financial institutions to provide access to the MasterPass wallet and offer it to cardholders as their own service. Switzerland is acting as a pioneer. Commercial roll out is planned for early 2015. SIX will then offer the wallet platform in other European countries.
"The cooperation with SIX is bringing the first MasterPass wallet platform to Switzerland, an advanced payment technology that makes it easy and simple to pay online, mobile and even, eventually, in physical shops. Financial institutions, customers and retailers will all benefit," says Guido Müller, Managing Director of MasterCard Switzerland.
"Everyone benefits from a virtual wallet: consumers have a simpler safer way to pay and retailers have new opportunities for customer retention with additional loyalty programmes. The open wallet payment platform from MasterCard and SIX offers financial institutions a simple way to get into the exciting world of wallets," commented Niklaus Santschi, CEO of SIX Payment Services. He went on to say: "From mid-2015 onwards SIX is planning to launch this innovative solution in other markets in Europe as well."